JLL is entering the residential market in Romania by launching the Living department within the Bucharest office. The new department, which will provide consulting services for the residential sector, will be led by Andreea Hamza as Senior Director.

Colliers International announced the appointment of Andy Hay as its new Head of EMEA Real Estate Management Services (REMS) effective immediately. In this new role, Andy will focus on driving the continued growth and success of the firm’s REMS division; improving client experience, developing relationships and optimising its EMEA service delivery model.

Zeitgeist Asset Management, a company specialising in property development and asset management for the private and institutional investors, purchased from the Orange company, on 29 August, a complex of real properties located 300 meters from the Palace of Culture and Science, at Nowogrodzka and Św. Barbary Streets in Warsaw.

The hotel investment market is reaching new heights in the Czech Republic with year to date volumes at €530 million and 10 hotel transactions. This is more than a 100% growth compared to the average yearly transaction volume of €250 million, recorded over the past five years.

Metro Properties, the real estate company of METRO AG, sold 11 Cash & Carry stores in Poland, Hungary and Czech Republic in a sale-and-leaseback transaction. The portfolio has been acquired by FLE GmbH, Vienna, subsidiary of French LFPI Group, investing on behalf of an AIF regulated fund. The transaction was finalized in August 2019, with a total volume exceeding €250 million. Metro and Makro Cash & Carry will continue to operate all wholesale locations on the basis of long-term lease contracts.

Budapest-based commercial real estate investor and developer, ConvergenCE has announced the acquisition of the Central Business Center office building in the 2nd district of Budapest. ConvergenCE acquired the building in Horvát Street from Immonfinanz.

CBRE expanded its Romanian management team by recruiting Gijs Klomp as Head of Investment Properties for CBRE Romania. Gijs has over 17 years of experience in real estate and was involved in investment transactions worth more than €2.00 billion.

Irányi Palace - located in Downtown Budapest in Irányi street, between Váci and Veres Pálné streets – will rejuvenate by mid-2020 as a high quality, contemporary style office building. The property, owned by Optinvest Zrt is being rebuilt by EBH Invest, based on the plans of Pyxis Nautica Design & Build, while Colliers International has been exclusively appointed to lease the building.

Companies Iulius and Atterbury Europe have opened the Iulius Town mixed-use project in Timișoara, the largest investment in the region, adding up to a total of €442 million. Iulius Town entailed integrating Iulius Mall Timișoara into an extensive urban regeneration project, completing it with retail, office and entertainment uses.

Commercial land prices have been stable over the first half of 2019, while prices for residential sites continue their rising trend at a slower pace, according to Colliers International.